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26 June–9 July 2001
Property and business interruption
2.7, forest fire, property damage
US: a forest fire that raged for two weeks charred 14,500 acres in the Sierra Nevada. The fire erupted at a suspected marijuana farm near Truckee, California amid the driest..
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20 July 2001
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Company profile: Singapore Re
Singapore Re’s pre-tax profit fell by 17% to S$12.7mn (US$6.9mn) last year, largely because of a decline in investment income. But gross premium income grew by 5% to $63.4mn, driven by growth in both the company’s domestic and overseas..
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20 July 2001
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Swiss Re Group
Swiss Re, the world’s second-largest reinsurer (after Munich Re), consolidated its European nonlife business into one organisation by merging its Bavarian Re and Europe divisions in the first quarter of 2001.
The company also established a new..
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20 July 2001
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Foreign insurers drive premium growth
Although the Romanian insurance market is among the smallest in the central and eastern European region, it is by far the fastest growing. And with the determined privatisation of the insurance sector over the last 10 years, Romania has become one..
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20 July 2001
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Mike Jakeman: the return of the underwriter
Although the collapse of Independent Insurance last month was a momentous event for the whole of the UK insurance industry, the reverberations were nowhere more keenly felt and the reasons for the company’s demise more deeply analysed than in..
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20 July 2001
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RSA outlines plans for Malaysian market
Royal & SunAlliance (RSA) Malaysia expects 10% to 15% growth over the next few years after struggling in the market in recent times. The company’s Malaysian premium income declined in 1999 and it only managed to generate a 4% increase in..
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20 July 2001
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AIG targets European life markets
AIG Life of the US has ambitions to expand in western Europe.
Marc Sevestre, who heads up the company’s operation in the region, recently suggested the company would either double or quadruple its penetration in the area within the next three..
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20 July 2001
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Sampo/Storebrand
Some 83.5% of Storebrand shareholders have accepted Sampo’s offer for the Norwegian insurer. Encouraged by what it refers to as a strong level of shareholder support, Sampo is extending its offer until 10 August.
Only shareholders accounting..
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20 July 2001
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Allianz bid awaited
The final outcome of Allianz’s bid for Dresdner Bank (one Allianz share plus 200 (US$173.2) for 10 Dresdner shares), which closed on 13 July, was due to be announced this week.
But at the Allianz general meeting last week finance director Paul..
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20 July 2001
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Axa looks to weather
At home Axa has signed an agreement with the French meteorological agency Météo France to develop ‘climate derivatives’.
The agency will provide Axa Corporate Solutions – the division that underwrites major industrial..
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20 July 2001
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Japanese regulator penalises Axa
French insurer Axa’s two life subsidiaries operating in Japan – Axa Group Life Insurance and Axa Life Insurance – have been sanctioned by the country’s Financial Services Agency (FSA).
The FSA, which for a long time has had a..
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20 July 2001
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The rise of Suncorp
The National Roads and Motorists’ Association (NRMA) still reigns supreme in Australia’s general insurance industry; but the battle lines have been drawn, according to international consultants, Deloitte Touche Tohmatsu.
The group says..
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20 July 2001
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World insurance stock prices
Company/group
Currency
2000 year-end
28/06/01
12/07/01
Change from 28/06/01 %
Capitalisation US$ mn
Source: iiudata
Ace
US$
42.44
39.68
35.70
(10.0)
8,284
AIG
US$
98.56
86.51
84.10
(2.8)..
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20 July 2001
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French face Crédit Lyonnais payout
The French government is very concerned over the threat to the French treasury posed by the case being prepared by US federal prosecutors against Crédit Lyonnais and Consortium de Réalisation (CDR). CDR was set up in 1995 to dispose of the..
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20 July 2001
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NZ farmers to increase public liability cover
Saudi Arabia’s precautionary reaction to the outbreak of foot-and-mouth disease and BSE in Europe has prompted a warning to New Zealand farmers to ‘dramatically’ increase their public liability cover.
Saudi Arabia now requires..
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20 July 2001
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No relief in sight for Caribbean insurers
Property/casualty insurers in the Caribbean have lost money on their primary business – underwriting – for at least the last three years and there seems little prospect of that situation changing in the near future.
The companies’..
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20 July 2001
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European mutual insurers argue their case
Europe’s mutual insurers are questioning the perceived superiority of joint stock insurance companies. At the recent meeting of their association ACME (Association des Cooperatives et Mutuelles Européennes d’Assurances) in Prague,..
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20 July 2001
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Bancassurance boost for China
Banks in China are soon to be allowed to sell insurance and savings products, according to a recent circular from the country’s central bank.
In practice, the circular is less revolutionary than it seems, since a number of banks already sell..
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20 July 2001
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EU single pension market bill receives first reading
EU legislation designed to pave the way for a pan-European occupational pension market gained a first reading approval from the European Parliament last week.
‘Occupational retirement institutions’ that operate on the fully funded..
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20 July 2001
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Singapore brokers strive for efficiency
Local brokers in Singapore fear that they might lose out to foreign brokerages that are becoming increasingly aggressive in the city-state, according to a survey of brokers by the Nanyang Technological University of Singapore.
Brokers in Singapore..
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20 July 2001
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Growing demand for p/c cover in Far East
General insurance markets in the Far East region are likely to see significant growth in the near future as a result of regulatory intervention, a growing sense of the importance of risk management among local enterprises and consumer pressure.
The..
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20 July 2001
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Lombard in India
Lombard Insurance of Canada has finally entered the Indian market in partnership with India’s second largest financial institution, Industrial Credit and Investment Corporation of India (ICICI). The ICICI Lombard General Insurance Company, as..
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20 July 2001
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SAI sells holdings
The world’s oldest bank Monte dei Paschi di Siena (MPS, founded in 1472) has acquired three separate stakes in insurance companies from the Italian group Societa Assicuratrice Industriale (SAI) for a total of €227mn.
The three holdings..
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20 July 2001
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Sharp rise in bank robberies in Argentina
Bank holdups in Argentina have increased by almost 10% between January and May 2001 compared to the same period in 2000, and amounts stolen were 25% higher, according to Sasetech, a local private security consulting firm. By June 7, 2001, 96 banks..
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20 July 2001
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Regulating the global market
The regulatory environment is one of the most important influences on the international insurance and reinsurance industries. Regulation is critical to any decision about how or whether to participate in a particular market. It affects the..
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20 July 2001
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India stands firm on foreign insurers’ investment limits
The chairman of India’s Insurance Regulatory & Development Authority (IRDA), N Rangachary, has ruled out any increase in the permissible equity holdings by foreign companies in Indian insurance firms. The present foreign investment limit..
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20 July 2001
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